Centuria divests Canberra office
Centuria has sold an Enrico Taglietti designed Canberra office as part of a debt curbing exercise expected to raise $225 million.
The former Phillips Fox building at 54 Marcus Clarke Street will contribute to c10 per cent of that, trading for $23m – a 1.7pc discount to the ($23.4m) June, 2023, book value.
Centuria, for the Office REIT (COF), acquired the property with the neighbouring larger #60 Marcus Clarke St from Mirvac for $49.1m in April, 2015.
The value attributed to #54 was $14.2m.
The divestment comes two years since the manager sold Scarborough House, Philip, part of the Woden Town Centre, for $83m, to Sentinel.
That asset was acquired for $72.3m in 2016 for a single asset fund designed to run five years.
The group has also bought offices in the city including, in 2019, Civic’s A-grade Nishi building, for $256m.
Centuria’s Diversified Property Fund meanwhile acquired the city’s Optus Centre – again in Civic, five years ago – for $35m.
That seller was Melbourne based fund manager Quintessential which paid AMP Capital $18m in 2014 then refurbished and almost fully let it out (story continues below).
54 Marcus Clarke Street
Developed in 1986, 54 Marcus Clarke St contains 5283 square metres of refurbished space.
It also offers end of trip facilities and 157 car parks.
Centuria is expected to raise the bulk ($175m) of the $225m it needs from refinancing loan facilities.
Following the Marcus Clarke St sale, COF’s portfolio occupancy remains high – 97.3pc – with a Weighted Average Lease Expiry of 4.1 years.
The portfolio’s average building age is 17 years.
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